Need advice a family member is turning 72 next year, was sold a Prudential Retirement B Series Highest Daily Lifetime (SM) 6 Plus Annuity by his bank financial advisor around 2011 when he rolled over his 401K. Not financial savvy to check if what is done is right or wrong just left the investment as it is. This is the only IRA he has.From 2018 there were no surrender charges.
Now that his RMD date is approaching, need advice about how to proceed. Initially this Annuity was with Prudential and later in 2022 was sold to Empower (not sure how good it is). He is taking social security payments now. He may or may not need to use the payment from Annuity, In terms of tax advice or for best options, what can be done, at this age is it good to convert to Roth IRA ?. Before seeking any financial advice elsewhere need some inputs from the forum members.Thank you.
Annuity Question / Advice
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ForEverAlien
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SAPPORO
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Re: Annuity Question / Advice
It looks like it's an annuity with living benefits meaning guaranteed payouts until the annuitant is alive. If so, AFAIK, there are no mandatory RMD requirements. Please consult a Financial Advisor to confirm.